Whenever a business transaction occurs, a business owner and a customer both agree to the conditions and terms of the sale. Typically, those provisions are outlined in a sales contract that becomes legally binding to both parties. The contract represents the seller's promise to make good on the offer of sale to the customer, and the customer consents to make payment for the item. Business owners in New Jersey may be interested in learing about the consequences for failing to uphold the terms of a contract.
New Jersey residents may benefit from learning more about the dangers associated with oral contracts. More often than not, people participating in contracts are typically advised to get the terms documented in writing. Many law students are taught that a contract does not exist unless it is recorded in written form. Identifying the purpose or intent of the agreement is one of the first steps towards establishing a contract between separate parties.
New Jersey residents may be interested in the outcome of an intellectual property dispute between Morningstar Inc. and Business Logic Holding Corp. According to the terms worked out in the agreement, Morningstar will pay $61 million to Business Logic in exchange for a license to the intellectual property that was previously in dispute.
With the state of the economy seemingly forever in flux, it can be a challenge for some businesses to stay afloat. This is not made any easier when those you do business with renege on their agreements. A breach of contract can be harmful for all involved and remedying such matters can be both costly and time-consuming. In a recent case in New Jersey, Trenton has been fined for not settling debts with a paving contractor.
Shareholders for Starbucks have filed a lawsuit for $2.8 billion due to an alleged contract breach with Kraft Foods. According to the lawsuit, the executive officers and board of directors for Starbucks breached their fiduciary duties. In November, it was ordered that Starbucks give Kraft $2.75 billion. This involved how the packaged coffee was distributed in grocery stores, and an arbitrator said that a breach of contract indeed happened.
It is one of the perks of being a celebrity. You become famous, and then companies want you to endorse their products or carry a line of your items in their stores. It may come with big paychecks, your name posted throughout their stores, and hopefully a successful partnership. Unfortunately, if you are not absolutely clear on the deals you negotiate, disputes can arise that lead to business litigation.
When it comes to avoiding contract disputes, there is an old saying that still holds true: An ounce of prevention is worth a pound of cure. In most cases, significant time and expense can be avoided later if all involved parties originally write a contract with as much clarity as possible. Companies doing business in the consumer arena should pay special attention to the terms of their contracts, as they may be subject to regulatory or legislative measures.
New Jersey based health-care products company Johnson & Johnson is involved in a breach of contract suit. Reports say that the company has sued drug maker Boehringer Ingelheim over a contract dispute. Boehringer makes lung cancer medication and a system of testing genes to determine which medication is most appropriate for a specific patient.
New Jersey readers may be interested to know that Oscar winning actress Octavia Spencer has recently sued a weight loss company for breach of contract. The company, Sensa, sells weight loss products that are sprinkled on people's food to help them feel full faster. According to reports, Sensa and Spencer had an agreement where Spencer agreed to be a company spokeswoman.
A 21-year-old New Jersey contract dispute has finally reached an end. A judge recently ruled that a real estate mogul from New Jersey had cheated his business partners out of revenue that they deserved from an apartment complex. The development contract involved a 764-unit apartment complex that the man and several members of his family had built as part of a deal with two business partners.